The last Spring Budget date has been announced
It may feel like Mr Hammond’s Autumn Statement was only released a few days ago, but the Treasury has now confirmed the date of the next Budget.
Just before Christmas the Treasury announced Wednesday 8th March as the date for the Budget 2017.
In theory, this will be the last Budget to take place in spring, after Mr Hammond announced last November that he would be reverting to Autumn Budgets only. The last time this structure was in place was when Ken Clarke was Chancellor. Therefore, 2017 will have two Budgets but no Autumn Statement, and 2018 will witness the first Spring Statement.
There will be no amendments to the tax year dates so the 2016/17 tax year will end on 5th April – exactly four weeks after the Budget. It is vital that your tax year end planning starts as soon as possible, with consideration given to whether you wish to review your pension planning which is explained below:
This is the last chance to carry forward unused annual allowance of up to £50,000 from 2013/14. This year’s introduction of a tapered annual allowance means that the calculations for maximising contributions and picking up unused allowances have become more complex than before. Gathering all the relevant data can be a slow process, hence the need to start discussions early.
The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investing in shares should be regarded as a long-term investment and should fit in with your overall attitude to risk and financial circumstances. The value of tax reliefs depends on your individual circumstances. Tax laws can change. The Financial Conduct Authority does not regulate tax advice.